Illustration image. Mariam Zuhaib / AP
US debt ceiling
UBS: Wall Street could fall 20 percent in case of state bankruptcy
If the Democrats and Republicans do not agree on raising the debt ceiling and the US is forced to suspend its payments for a week, Wall Street could plummet as much as 20 percent. That's the assessment of a group of UBS strategists, according to Bloomberg.
However, a state bankruptcy is not the bank's main scenario. The most likely thing is that the politicians agree to lift the debt ceiling in the short term, according to the strategists. The worst would be a protracted process, where the payments are canceled one month at a time. It is judged to be "very unlikely" but would immediately cause the stock market to plummet 30 percent.
Lagarde. Caisa Rasmussen / TT
ECB vs inflation
Lagarde: Difficult decisions - but we need high interest rates
The ECB is facing a crossroads, according to Christine Lagarde. Inflation is indeed on the way down, which indicates that the austerity is having an effect, but this does not mean that it is time to lower interest rates. She says that to Spanish TVE according to Bloomberg.
- This is a stage where we have to stay focused and fix our eyes on this target we have and deliver, she says about the central bank's inflation target, which is 2 percent, and continues:
- We are on our way to more difficult decisions in the future, but we will be brave and do what is necessary.
Tens of thousands of people on the streets of Belgrade. Darko Vojinovic / AP
The school shooting in Belgrade
Tens of thousands in demonstration against the violence in Serbia
On Friday, tens of thousands of Serbs took to the streets of Belgrade to mark the increasing violence in the country, reports AFP.
The demonstration was the third held under the slogan "Serbia against violence" organized after the country was rocked by two mass shootings in which 18 people died.
- We are in shock, in disbelief and we are angry, said Jelena Mihajlovic, who participated in the demonstration.
Demonstrators demand that politicians and civil servants responsible for domestic policy resign. Proposals have also been raised to ban violence on national television and in computer games.
CNN writes that after the school attack, the Serbs left over 15,000 firearms, 2,500 explosive devices and hundreds of thousands of cartridges during the month-long
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